99 Transfer by special trust to corporation
(1) A transfer of land to a corporation by a person in the person’s capacity as trustee of a special trust is eligible for exemption under this Division if:
(a) the land was subject to the special trust on, and at all times between, 31 December 1986 and 11 September 1990, and
(b) Division 122 of Part 3-3 of the Commonwealth Income Tax Assessment Act 1997 applies to the disposal of land effected by the transfer, and
(c) pursuant to that section, Part IIIA (Capital Gains and Capital Losses) of that Act (except that section) does not apply to that disposal.
(2) Chapter 3 (Certain transactions treated as transfers) and Chapter 4 (Acquisition of interests in landholders) do not apply to the issue or allotment of shares in a corporation pursuant to a transfer for which an exemption from the payment of duty is granted under this Division.